EU and India Address Steel Import Challenges

The European Union is set to bolster its steel industry protections amid challenges from U.S. tariffs and cheap Chinese imports, which threaten the sector's competitiveness and the continent's military industrial base. The European Commission's Steel Action Plan aims to address structural issues like trade defense and energy costs, crucial for decarbonizing and securing the sector. Concurrently, India's Directorate General of Trade Remedies (DGTR) has proposed a provisional 12% safeguard duty on steel imports for 200 days to counter the influx of cheaper imports from countries like China, which pose a threat to domestic steel producers. This move, although less than industry expectations, is seen as a necessary step to protect domestic producers and has resulted in a rise in steel company stocks. Both the EU and India are responding to global overcapacity and unfair trade practices that challenge their steel industries, highlighting a significant shift in global trade policies. These measures reflect broader geopolitical tensions and the need for regional industrial resilience.